Micron, Nvidia, and AMD lead chip stocks’ rebound

Semiconductor stocks rebounded Tuesday, with the PHLX Semiconductor Index (^SOX) rising as major chipmakers bounced following steep losses.

Shares of memory chipmaker Micron Technology (MU) jumped 2%, reversing some of Monday’s 7% decline. Peer SK Hynix (SKHY), along with memory and storage names Sandisk (SNDK), Seagate (STX), and Western Digital (WDC), also opened higher.

AI chipmakers Nvidia (NVDA) and AMD (AMD) rallied 3% and 5%, respectively. AMD shares erased some of their 7% losses from the prior session, ahead of the company’s quarterly results due after the closing bell Tuesday.

Elsewhere, Broadcom (AVGO) edged up 3%, while Intel (INTC) jumped 1% after an 8% decline on Monday.

As Yahoo Finance’s Jared Blikre pointed out, chip and memory stocks have lost about $3.7 trillion in market value since Oct. 6, by Yahoo Finance calculations. Nvidia lost the most in dollar terms, but Intel’s nearly 50% drop is the steepest among the giants.

Semiconductor companies have been key beneficiaries of the AI build-out. Concerns over AI spending and neocloud debt weighed on the sector in recent weeks.